This paper addresses the robust observer design problem for uncertain time-delay fractional Ito stochastic systems. A sliding surface is proposed and it is shown that state estimates converge towards it and remain there for the subsequent time. Additionally, by constructing a novel Lyapunov functional, a sufficient condition for the stability of the sliding motion of the estimated states is given in the form of Linear Matrix Inequalities (LMIs). It is demonstrated that the state estimates are stabilizable in probability provided that the LMI is feasible. Moreover, a finite-time sliding mode control law based on the estimated states is proposed. Simulation examples are given to show the validity and effectiveness of the results.